In a strategic move to sustain affordable housing for seniors, Finian Sullivan Corp. has successfully secured a $16.9 million loan for the refinancing of Monastery Manor.
Monastery Manor has long been a pillar of affordable housing since its completion in 1982. The property, strategically located at 2 Father Finian Sullivan Drive, houses 147 units. The seven-story building comprises one-bedroom apartments averaging 525 square feet. It is further complemented by common-area amenities such as a library, community garden, laundry facilities, and ample parking. The building is designed for seniors aged 62 and above earning up to 50 percent of the area median income.
About the Monastery Manor refinancing
The $16.9 million loan financing includes the extension of the community’s existing PILOT agreement with the Yonkers Industrial Development Agency. The funds will be utilized to pay off existing debts and enhance the overall living conditions for the senior residents.
This financing not only ensures the continued affordability of Monastery Manor, but also underscores the commitment to address the critical need for affordable housing options for seniors in the region.